2023 Diamond Drill Results Iron Lake Magmatic Sulphide Project

(TheNewswire)

Oct 11, 2023 – TheNewswire - Iron Lake option partner Tech-X Resources Inc. has provided Eastfield Resources Ltd.(TSXV:ETF) the results of diamond drilling completed between June 29 and July 26, 2023 on the Iron Lake copper-nickel-cobalt-platinum-palladium – gold sulphide prospect located 45 kilometers northeast of the community of 100 Mile House, BC. A total of 1,680 m of diamond drilling was completed in 3 holes. Two holes targeted the semi-massive sulphide horizon), referred to as the Discovery Zone, while the remaining hole was directed toward a recent airborne geophysical anomaly in an area called the Northwest Zone. Holes were angled between -55 to -65 degrees and varied in length from 324 to 750 meters.

The following table summarizes significant results:

Hole IL-23-024 was drilled at the Discovery Zone to test a conductivity anomaly at a depth of 570 m down-dip of sulphide intersections in holes IL-22-012 and IL-22-013 drilled in 2022. The hole was extended to 606 m after intersecting two narrow massive sulphide layers at 530.0 m and 537.0 m (two additional massive sulphide layers were subsequently intersected at 572.2 m and 576.9 m). These mineralized layers were pyrrhotite dominant and pyrite dominant respectively confirming that the magmatic sulphide system in the Discovery Zone remains open to depth. Assay results for a 9.5 m interval spanning across both of these massive sulphide intersections graded 0.42% copper and 341 ppm nickel (569.0 m to 578.5 m). This interval includes one sample which returned a copper value over limit (>1%).

Hole IL-23-025 tested near surface and deeper flat lying conductivity anomalies outlined in an airborne survey completed in 2022 at the Northwest Zone (approximately 3.0 kilometres to the northwest of Il-23-24). This hole was completed at a depth of 750.0 m and predominantly intersected magnetite bearing pyroxenite consistently elevated in nickel with 24.1 metres grading 0.1% Ni. No massive sulphide intervals were encountered.

Hole IL-23-026 was drilled towards IL-23-024 to target the up-dip projection of the massive sulphides intersected in IL-23-024. A 0.3 metre massive sulphide layer was intersected at 216.0 m. Results from this intersection yielded 0.65% copper, 0.1% nickel and 0.3 g/t palladium over 0.5 metre.

A number of single point (single core sample) anomalies were obtained in these three holes including gold to 677 ppb, platinum to 723 ppb and cobalt to 1,620 ppm. Five samples returned >30% iron and four >20% sulphur.

Drilling in 2023 has demonstrated that mineralization at the Discovery Zone extends to depth and that potential for a large Alaskan-type system exists. The 2023 program did not evaluate the porphyry targets defined by extensive induced polarization surveys completed in 2021 and 2022. Further work will be required to test the Discovery Zone along strike and to follow-up on significant drill intercepts elsewhere on the Project.

Tech-X Resources Inc. is a private company headed by Haig Farris with geological oversight provided by Jim Dawson. Tech-X may earn an 80% interest in the Iron Lake property by completing a total of $12,000,000 in work and paying a total of $730,000 in option payments by June 15, 2029. A 51% interest becomes earned following exploration expenditures of $4,000,000 and option payments of $230,000 by Dec 31, 2025. Twenty-three diamond drill holes were completed in 2022.

Drill supervision, core logging and QC/QA was conducted by Archer, Cathro and Associates (1981) Limited, of Vancouver, BC. A total of 957 samples were analyzed in the facilities of ActLabs located in Kamloops BC using a multi-element procedure with an aqua regia digestion.

To view a high-resolution image of the 2023 Iron Lake Drill Hole image blow, follow this link.

https://eastfieldresources.com/site/assets/files/5712/figure1-2023_drill_hole_locations.pdf

J.W. (Bill) Morton P. Geo accepts responsibility as the Qualified Person for the technical content of this news release.

J.W. Morton, P. Geo.

President and CEO

Contact: (604) 681-7913 or Toll Free: 888-656-6611

https://eastfieldresources.com

About Eastfield Resources:

Other Projects:

Indata: copper-gold porphyry and precious metal quartz veins, located 120 km north of Fort St. James, BC, optioned to Alpha Copper Corp. who may earn 60% by completing $2,000,000 in exploration and paying $450,000 (cash and/or shares) by June 20, 2023. A number of very prospective untested induced polarization targets exist and are fully permitted. Results from previous drilling include DDH88-11 with 47.26 g/t gold over 4 m and DDH98-4 with 0.20% copper over 148 m including 0.37% copper over 24 m at the bottom of the hole. In 2019 new mineralization was exposed by logging activities in the southern region of the claims with samples returning up to 3.64% copper and 5.95 g/t gold.

The Kwanika and Stardust deposits, owned by Northwest Copper Corp., are located immediately north of Indata and share similar geology.

Zymo: a big copper-gold porphyry system with several 1 km scale targets, located 45 km west of Smithers, BC which is 100% owned by Eastfield. An 8 kilometer by 3 kilometer induced polarization chargeability anomaly includes and surrounds known mineralization. Drill results include holes ZY08-07 with 0.72% copper and 0.66 g/t gold over 72 meters and hole ZY11-20 with 0.28% copper and 0.34 g/t gold over 126 m. Peripheral precious metal veins have returned up to 10.78 g/t gold. Work completed in 2021 included expansions to the induced polarization and soil grids at a cost in excess of $400,000. Zymo is fully permitted.

Hedgehog: copper-gold (VMS) and lode gold, located approximately 12 kilometers north of the community of Barkerville, BC. In 2021 option partner West Oak Gold Corp discovered several new anomalies. Particularly intriguing is a soil sample with 0.22% copper and 8.45% iron. Interest in this sample is inspired by previous float samples collected further south on the property including a massive sulfide boulder grading 24.3% copper and 19.6 g/t silver collected in 1999 and five additional copper rich massive sulfide boulders with an average grade of 8.0% copper and 8.9 g/t silver collected in 2000. In 2013, Eastfield discovered a new area of mineralization in the northern region of the claims where quartz veins hosted in sheared rhyolite returned grab samples to 1.51 g/t gold and 1.37% zinc. Other companies active in the area include Osisko Gold Royalties Ltd.) (TSX: OR. The project is fully permitted and field work was conducted in October.

CR:gold, located approximately 80 km northeast of the town of Quesnel, BC and 20 km north of the gold mining towns of Wells and Barkerville, was acquired by staking in 2014. There is no record of hard rock mineral exploration on the CR property prior to Noranda Exploration carrying out regional exploration in the area in 1986 with airborne magnetic and ground follow-up (ground based surveys and soil sampling) identifying a 1.2 kilometre by 0.7 kilometre arsenic in soil anomaly surrounding a local drainage named Arsenic Creek. In 2014, Eastfield carried out induced polarization and magnetic surveys in this area and outlined a 200 meter by 800 meter northwest trending chargeability high that remains open to the north. In 2018 soil sampling upslope of historical heavy mineral stream sediment anomalies exposed several spot gold and gold-arsenic anomalies that may indicate a source of the historical heavy mineral sampling in this direction. CR is permitted and drilling is currently in progress.

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